Step 2 ~ Choose a Business Name

Possibly the most important, yet commonly overlooked, sign of a successful business is giving the business a proper name. Choosing the right name will be an important marketing tool and will set the tone for your business image. There are a few things to keep in mind when developing your name to make sure you have the best chance at obtaining business credit:

Make sure your business industry is well-received by business credit lenders and doesn’t fall into their high risk categories.

Choose a name that reflects the business industry (ex: XYZ Trucking, Inc.) for a corporation in the trucking business. Your original and attention getting name should be registered as your DBA. You’ll learn more about this option in the next step.

Research shows that companies with descriptive names are more successful than those that are vague.

Although you want to be descriptive try to keep the name broad enough to allow you the flexibility to any future change in organization, products or services.

Choose a name that is not easily confused with other businesses so your business credit file doesn’t get crossed with a business of similar name.

If you are the creative type you won’t have a problem with this but the majority of us need a little help so here are a few ideas for generating the best name for your business:

Make a list of similar businesses who might be your competitors and decide how you can differentiate yourself.

There are a variety of companies that specialize in “branding”, which includes giving the best possible name to your business. Depending on your budget and scope it would be beneficial to at least research the following options.

As an inexpensive alternative we have found that Business Naming Software can provide the spark you need for the fraction of the cost.

Now that you have a few ideas, the last step is to make sure that the same or similar name isn’t being used by another business.